British Columbia Securities Commission

British Columbia Securities Commission

December 08, 2010 14:30 ET

BCSC Executive Director's Bulletin: Securities Regulator Alleges Three Men Illegally Distributed Securities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 8, 2010) - The executive director of the British Columbia Securities Commission has issued a notice of hearing alleging that three B.C. men and a parking technology company illegally distributed securities when they raised $3.7 million from investors who did not qualify for exemptions from securities laws.

The notice of hearing says that, between August 2005 and June 2008, Frederick Lawrence Mitschele (a.k.a. Frederick Lawrence Marlatt), Michael Wallace Minor, and Michael Garfield Timothy (Tim) Minor, distributed Photo Violation Technologies Corp. (PVT) shares to approximately 322 investors, raising about $5.2 million.

The notice says that at least 280 of the investors who invested approximately $3.7 million did not qualify for exemptions from the registration and prospectus requirements of the B.C. Securities Act.

At the time of the distributions, Mitschele was president and CEO of PVT, a B.C. company that developed, promoted, and sold a technology used for enforcing parking meter violations. Michael Minor was a director of the company, and his father, Tim Minor, carried out investor relations activities on behalf of PVT. All three men are B.C. residents.

The notice alleges that:

  • The three men and PVT contravened B.C. securities laws when they distributed securities without being registered and without filing a prospectus.
  • Mitschele and Michael Minor, as officers and directors of PVT, contravened securities laws when they authorized, permitted, or acquiesced in PVT's illegal distribution of securities.

These allegations have not been proven. Counsel for the executive director will apply to set dates for a hearing into the allegations before a panel of commissioners on Jan. 5, 2011.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. You may view the notice of hearing on our website, www.bcsc.bc.ca. If you have questions, contact Ken Gracey, media relations, 604-899-6577.

Contact Information

  • British Columbia Securities Commission
    Ken Gracey
    Media Relations
    604-899-6577 or (Canada) 1-800-373-6393
    www.bcsc.bc.ca